Believe that IL&FS will resolve above 50% of current debt: Uday Kotak

Uday Kotak, chairman of IL&FS, said that he would like to believe that the company will resolve above 50 percent of its current debt.

Kotak said that Rs 36,000 crore of debt has been resolved so far, and that they are considering alternative monetisation plans like Infrastructure Investment Trust (InvITs) seriously.

"We have opened up bidding on road assets worth Rs 13,000 crore. So far, five road projects have received bids worth Rs 6,500 crore, and four other road projects did not get appropriate bids for roads. So, we are now exploring the option of Invits," he said.

Kotak said they are considering Invits worth Rs 10,830 crore for nine road projects.CS Ranjan, Managing Director of the IL&FS group, expected the Invits process to be completed in the next 3-4 months.

The total debt for IL&FS Group stands approximately Rs 97,000 crore.

Ranjan also said that close to Rs 1,200 crore has been recovered from third parties and that all current liabilities in the last one year have more or less been liquidated .

Ranjan said that the key objective was to achieve resolution to the IL&FS Group.

"We still find ourselves faced with innumerable problems," he said, adding that the board has brought in multiple partners to assist them to find a resolution to the IL&FS.

"The moratorium period which the government has secured for the groups has helped us a lot," he said.

N Shivaraman, COO, IL&FS said that Leverage at IL&FS Group was the biggest challenge and that the board has identified a resolution plan for all 302 IL&FS entities.

According to a press release, the IL&FS board constituted by the government aims to achieve resolution of a significant quantum of the company's addressable debt by March 2020.